Use your knife and slash his bladder. Or yank off his inflator hose - maybe just cut it. Whatever it takes to empty his BC (or drysuit), FAST!. Of course, that assumes you have control of your own BC - not a given in this scenario. Unfortunately, I would readily sacrifice my buddy's BC to my well being.
You are the rescuer, it is your task (responsibility) to control the buoyancy of BOTH divers. What you should have done is completely dump both BCs before starting the ascent. Then SWIM to the surface. If it is at the beginning of the dive and both tanks are highly negative (say HP 100s) then you will need lift to get off the bottom. Try to do that using only your own BC. But YOU control the ascent.
I am not going to consider the complication of both divers using doubles. It takes a LOT of lift to get off the bottom.
With an unresponsive or uncooperative victim, this gets very complicated. You will run out of hands trying to control both BCs especially if you are using an AIR 2 type device for your own octo - not the case here.
All of which brings up the question, do you have enough lift to get 2 divers off the bottom at the beginning of the dive with full tanks?
Richard